Association of Southeast Asian Nations (ASEAN) member states yesterday pledged to boost their investment and trade with China in a bid to make the most of the free trade agreement between the two sides.

 

"We look forward to China's investment in the mining sector, which is proving to be a most lucrative area," said Sonia Brady, Philippine ambassador to China.

 

She said there were also investment opportunities in infrastructure, tourism, agriculture, and logistics infrastructure and support systems such as warehousing, cold storage and refrigeration facilities.

 

China has given full support to the Philippines' development agenda in agriculture and the construction of railways. In addition, "various large-scale Chinese investments in the Philippines are currently under negotiation," said Brady.

 

Malaysian Prime Minister Datuk Seri Abdullah Ahmad Badawi urged Chinese companies to make the most of the ASEAN Free Trade Agreement to deepen regional economic co-operation and establish joint ventures with ASEAN businesses.

 

"With their expertise and technological capabilities, I am confident that ASEAN and Chinese entrepreneurs will be able to forge large corporations which can match the transnational entities of developed countries," he said.

 

Meanwhile, he suggested a better information flow in terms of business opportunities in order to step up investment between ASEAN and China.

 

He called on the private sector in China and ASEAN member states to take calculated business risks, otherwise, the targets and deadlines set out in these agreements will not be met, adding that China is one of Malaysia's most important economic partners.

 

"Information, especially pertaining to new opportunities and changes to rules and regulations, must be shared with and disseminated to the private sector in a systematic and effective manner," he said.

 

ASEAN members are satisfied with their strengthened trade ties with China and expect a promising future.

 

"I am extremely pleased at the increasing bilateral trade between our two countries, which reached US$17.6 billion last year and is targeted to reach US$30 billion by 2010," Brady said. China is now the third-largest trading partner of the Philippines.

 

Imports and exports between China and ASEAN hit US$116.3 billion in the first three quarters this year, according to the statistics from China's General Administration of Customs. The figure is expected to rise to US$200 billion in 2010.

 

(China Daily November 2, 2006)